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ahead with your comment. caller: i really don't see much on the fiscal cliff. if they make a deal, either way they go, it will hurt. by the time 2014 gets here and when obamacare kicks in, it will cost me so much that i will have to quit work. it will be worth more for me to be on welfare than to keep working and just working for nothing but health care. host: we will get a response. guest: this is something a lot of people are waiting to see what the impact of that law is going to have. a lot of that, the major provisions don't kick in until now and in the next few years. everyone will wait to see what the impact on the economy will be. there's a big disagreement about what will happen. host: this new york times piece gives a sense of the mood in washington. let's read the first paragraph or two. guest: this is only the fourth time since the 1930's they have had to come back after christmas to do work. this is uncharted territory. no one really wanted to be in a situation, but it was a factor of them having to wait until after the election to start negotiating these things and th
for the holidays and that means there's not a lot going on with the fiscal cliff negotiations. if no deal is reached in one week, the tax cuts enacted under president bush will expire and 1.2 trillion in spending cuts will automatically go into effect. if we do go over the fiscal cliff, how will it affect you from your paycheck to your retirement accounts? we're going to give you all the tips you need to protect yourself. here to do that this morning is ry ryan mac, president of opt middle school management. >> kudos for being able to pronounce that honolulu merry christmas saying. >> i don't think i can do it again. ahah! let's start with your paycheck as it applies to the fiscal cliff. if we go off the fiscal live how will mooirn and everybody's paycheck be affected? the majority of the paycheck won't be afeektded until 2014 when people file for 2013 stackses. there are certain things that are impacted right away like the payroll tax cut. for individuals earning about $50,000 a year, they'll be having to pay about $85 less because of the payroll tax cut will be expiring so that will be,
, it has a better chance of passing them by itself? guest: the house is back to deal with the fiscal cliff bill. the hope to supporters of the sandy supplemental is the house would do something on the fiscal cliff package and somehow they could use that as an opportunity to get the sandy bill through. the chance for the full supplemental to be passed before the end of the year, it will either be a smaller amount or they will not touch it at all. the senate will have to start over next year. host: raymond hernandez i need." >> they joined -- an unusual move they are working together as opposed to saying separately i am in new york, this is what i need, new jersey and connecticut are on their own. they have to make their own appeal. guest: you have a lot of the personalities representing the victims of sandy. they have pulled together effectively after the first few weeks after the storm. they have generally been pushing the same direction. the problem the victims of sandy have in new jersey and new york is there represented almost primarily by democrats. the house is run by republicans. dem
to do. this is the 112th congress. we have had two years to deal with the fiscal cliff. we have known it was coming, and we designed it that way pick the conjured up this clip fiscal cliff to address the big issue of our nation. i think you have heard people on both sides of the aisle, both of us, but many people talk about the fact that to deal with our fiscal issues we need to do something in the $4.50 trillion to $5 trillion range, so we can have the economy have the opportunity to take out. to have nothing in place on december 29, that probably will not happen. unfortunately for america, the next line in the sand will be the debt ceiling. secretary geithner has sent a letter, around mid-march, that action has to be taken by the time you have to take extraordinary action. lamar and i recognize that and we also recognize that the big issues of our nation really centered around entitlements. today the average family pays over $119,000 into the medicare program. two members of a family working over the life and will pay into medicare $119,000. today, that same family into de's dollars
later this week as america gets closer to the fiscal cliff. some larrymakers are now calling for a small scale deal as a temporary fix. >> i think it's impossible to get any kind of grand bargain or comprehensive package. i think we're dealing right now with whether or not we can put off the increases in tax rates. that's really all we can deal with right now. >> the house will stand in recess subject to the call of the chair. >> reporter: congress recessed after republicans rejected john boehner's compromise. he proposed letting tax cuts expire for those making over $1 million a year. other republicans say it's time for a deal. >> i agree with him. i don't think we ought to increase taxes on anyone. however, we're now at a point where we're not going to get what we think is right for our economy and our country. >> with congress coming back, the president will also reportedly cut short his holiday vacation in hawaii. democrats hope mr. obama will continue to fight for a complete agreement, not just a temporary patch. >> i definitely hope that he can and will continue to push for as big
the fiscal cliff. we know the president is headed back to washington early tomorrow morning to try to deal with the talks. market not that happy. >> time now 8:43. let's get you updated on the top stories. four people were taken to the hospital after a family christmas party in alameda ended in a stabbing. an argument between two sisters be he came violent when one grabbed a knife and stabbed the other. during it three others were hurt. the sister was later arrested. >>> at least six deaths blamed on the weather sweeping through the south. right now several states from arkansas to kentucky are under blizzardings. >>> the president and congress will try one more time to reach a deal before falling off the fiscal cliff. the president will cut his vacation short. >> happening now bargin hunters out looking for a day after christmas sale. we are live at the valley fair mall to tell us about those deals. >> reporter: hi. if you have something to return or you need to use a gift card it's a good time to come. there are plenty of spots where you can park and i just walked inside in to the mall
. >>> aloha means good-bye. president obama cuts his hawaiian vacation short to deal with the fiscal cliff. it is already too late? good morning, 7:00 in the east. i'm alina cho. >> and i'm drew griffin. soledad o'brien is off today. "starting point" begins right now. >>> our starting point, a cruel one. a one-two christmas punch from mother nature. tornadoes and blizzards tearing through the south and midwest. >> oh, my god. we need to go. it's right there. >> mobile, alabama, took a real beating. a twister blowing up transformers, leaving more than 25,000 customers without power. reports to damage to homes, a high school, and church. >> it came in behind the church right there, and then all green fluorescent lighting and popping transformers left and right. and we heard the crashing and everything and the power went out. >> i prayed to god as loud as i could, and i was just praying for my safety, and i knew the church was shaking. i just prayed that the church stayed put. >> here is the other half of this story, blizzard conditions blanketing much of the midwest and the northeast will ge
lawmakers do not appear close to reaching a deal to avoid the fiscal cliff we may be going ov going over. >> secretary of state hillary clinton in the hospital right now doctors discovered a blood clot. you can forget about days we are down to hours for law americas to reach a deal. >> doug luzader live from washington with the latest. doug? >> a deadline is hours away come midnight. it's not just the tax hikes that are scheduled to hit it's big cuts in government spending as well. 2013 could be off to a difficult start if there is no resolution. listen to this bleak assessment from capitol hill. >> the future of the country rests in the hands of 70 and 80-year-olds who have jet lag it's probably not the best thing. >> could joe biden be the fix? he appears to be taking over for democrats after a counteroffer to prevent a big tax hike is met by silence. harry reid says democrats couldn't respond. >> there is still significant difference between the two sides but negotiations continue. there's still time left to reach an agreement and we intend to continue negotiations. >> i am willing to
and democratses to reach a deal to avoid the fiscal cliff. this morning the ceo shulz asked all of his washington, d.c. employees to , come together. >> if you are looking to turn that ugly sweater -- to return that ugly sweater from aunt imagine, today may not be the best -- day. >>> good morning. more signs of recovery in the housing market numbers show home prices climbed in the 12 months through october by the most in more than two years more than 4% gain if you look on the month-to-month increase, san francisco coming in number five, las vegas had the biggest monthly gain. christmas is over, let the returns begin. if you received any gifts you don't want, you might want to wait a few days to return it. today is the worst days to do returns because the lines are longest, store clerks burned out. in the markets, pretty quiet at the moment]ó;o, slight gains for the benchmark averages as well as bloomberg index, a lot of wait and see. as people unwrap new gifts a green citizen says don't forget to recycle old electronics, it expects to see a 30% rise in e-waste between now and february, the big
cliff. the house is still on a break leaving some to wonder if there is time to strike a deal or if the economy is doomed to go over the edge when the clock hits midnight. >> reporter: hundreds of waterford crystals in installed on the ball in new york's time square. the countdown to the new year is underway. in washington there is a much more ominous count down underway. five days and counting until the united states economy goes over the fiscal cliff if something isn't done. >> american people are waiting for the ball to drop but it's not going to be a good drop. >> reporter: with no deal taxes will go up and spending will be slashed. some warn the impact could spark another recession. with the deadline approaching the president returned to the white house and the united states senate is back in session. the house will reconvene by sunday evening. >> there is still time and it depends on how complicated the fiction it. >> reporter: the sticking point continues to be taxes. democrats want to extend the tax cuts to everybody but those americans making $250,000 or more a year
with congressional leaders on the fiscal cliff. will a deal be made or will it continue to be a blame game? we're live in washington with the latest. >> kelly: then the supreme court striking down a request from a christian business, but that same justice ruling in favor of muslim inmates. is there a double standard here? >> eric: and this isn't something you see every day in the news. ♪ . >> eric: you know what's happened? there is a tree falling ♪ >> eric: reporter's way of saying tgif. by the way, we do that here all the time, don't we? >> juliet: oh, please, guys. >> eric: "fox & friends" starts right now. >> juliet: we do it here all the time. >> kelly: yeah, i got you. >> juliet: i thought there was going to be some other part to that story, like i found a couple bottles of vodka. >> kelly: oh, my. >> juliet: just kidding. hi, how is everybody. >> eric: all good. >> juliet: good. get to some headlines now. we'll move to serious stuff. the nation is mourning the loss of an american hero. general herbert norman schwarzkopf, known as storming norman or bear, has died of complications fr
and there's still no sign leaders are closer to agreeing on a deal to avoid the fiscal cliff. here's brian mooar. >> as senate leaders were behind closed doors, president obama and republicans issued dueling messages on the web. >> we can't afford a politically self-inflicted wound to our economy. the economy is growing. >> if the nation goes over the fiscal cliff next tuesday, each side blames the other. >> we can avoid going over the fiscal cliff if the president and democrat controlled senate step forward this week and work with republicans to solve this problem and solve it now. >> all over the country now, uncertainty is in the area. >> it's not a matter of am i going to pay my light bill or not but will it deplete my savings. >> even if the impact isn't real, the perceived impact could cause us to drop off in sales. >> getting a deal is up to the senate's top democrat and top republican. >> we are engaged in discussions, the majority leader myself and the white house, in hopes we can come forward as early as sunday and have a recommendation. >> whatever we come up with will be imperf
vacation short and heading back to washington before we fall off of the fiscal cliff . can a deal be reached. >> a deadly winter storm unleashing snow and tornados . now thousands ever cleaning up and holiday travelers are stuck. i am tracking where the storm ised hading next. >> thank you, rick. take the gift card and hit the stores this morning. wait until "fox and friends" is over and then leave. "fox and friends" begins right now. "fox and friends". >> gretchen: good morning, i am gretchen carlson we are joined by clayton morris . rick as well . these are great guys, but clayton, because he is a tech guru of folks news and here to help all of us today. >> tech support this morning f. you have tech-related questions. send them and i will attempt to answer them all. i answered all of them. my wife said what are you doing on twitter? i said i am helping me. >> gretchen: we have big storms brewing and rick, you are aptly sitting to the right of me and you will help people get out of town. >> 30 tornados and a big one in mobile, alabama and more tornados and a blizzard. i will try
've heard all about the finger pointing over the fiscal cliff, it's happening all day, both sides blame each other for the lack of progress and today, top congressional leaders will head to the white house for a meeting with president obama, trying to strike a deal with just four days to go. getting lost in the rhetoric are everyday americans like my next guest, she says washington needs to know how important the fiscal cliff is to those who are out of work, specifically to the 2 million americans who will lose their federal unemployment benefits an average of about $300 a week if no deal is reached. >> good morning. >> you were laid off a year ago. tell us your story. >> well, yes, i was laid off a year ago around this time in december. and i received employment so i've been trying to look for a job which has been very difficult, on the internet every day. i also tried to start my own small business in the same field, janitorial services, which the whole thing of not having any money has caused a great hardship because i'm unable now to finance my business as well or get a small business lo
to deal with the long-term fiscal health of the country which is what the fiscal cliff was supposed to be an incentive to do, we're expecting now that this is just some measure to avert the fiscal cliff which is the tax hikes, the spending cuts, each if they deal with the spending cuts and we're waiting to see what the measure will look like. i know what a hard-hitting white house reporter you are. i want to know whether it's apple kay, pumpkin pie or peekan pie for the president and first family on christmas day. any news on the menu? >> reporter: no, i am still waiting to find out. maybe we'll find out a little later today. you don't frequently find out until they have just released it, until the white house releases the information so we'll be standing by to let you know how the president spends his holiday. nothing on his public schedule, but, you know, he normally visits with troops so we're expecting he might do that today here in hawaii. >> that would be a wonderful way to spend christmas day. brianna keilar live from honolulu, hawaii, thanks. >>> other stories in the news, a
cracking a few jokes. then. five days and counting until the fiscal cliff deadline. the possible plan b in case an agreement is not reached. former president george h-w bush.is still in intensve care at a houston hospital.dealing with a stubborn fever.but his sense of humor is just fine. the former president's family is confident he will be out of intensive care soon. bush's chief of staff sent supporters a note today including this quote: "he would ask me to tell you to please put the harps back in the closet." the 88-year-old has been in the hospital for more than a month, after first coming down with bronchitis. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. >> norman near schwarzkopf says it died. he gained attention in 19991 when he laid operation desert storm. he liberated kuwait after the iraqi invasion. he died of complications from pneumonia at 1978. >> finally a glimmer of home in washington. presiden
, to return to washington. hoping to strike a last-minute deal to avoid the fiscal cliff. >>> plus, deep discounts. if you're not sick of the mall just yet, you're going to find some great sales today. why a loss for retailers could be your gain. >>> and the holiday homecoming. one family never imagined was possible. how a chance encounter by a caring stranger put a dog-napped
a deal on the fiscal cliff today, hoping to avoid steep spending cuts and tax increases. kristin welker is at the white house where the president had a high-profile meeting with congressional lawmakers on friday. good morning. >> reporter: carl, good morning to you. all eyes are on the senate this morning as majority leader harry reid and minority leader mcconnell true to cobble together a last-minute plan to avoid the fiscal cliff. president obama saying he is modestly optimistic that they can come up with a plan in time. on friday, president obama met with the four top congressional leaders here at the white house for about an hour. sources close to those talks say that the president gave lawmakers two options, either come up with a plan that can make it through both chambers or put his proposal up for a vote. under the president's plan, the bush-era tax cuts would be extended for those making $250,000 or less with rates allowed to raise on top income earners. it would also extend unemployment insurance benefits. president obama saying the time for action is now. >> the american peopl
with the fiscal cliff deadline. he isn't the only one. there is new developments coming in right now and we'll have them for you next. [ boy ] there i was. another holiday stuck at the kids table again. then it happened. every boy's dream. i got called up to the big leagues. i was finally a man... on my way to shaving, driving and staying up past midnight. [ whoosh ] [ whoosh ] [ whoosh ] being an adult is overrated. [ male announcer ] holidays aren't the same without the real cream of reddi-wip. the sound of reddi-wip [ whoosh ] is the sound of joy. [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. it's our top story on this fox trip across america. >> texas. the san san antonio homeowner says his house shook and then boom. a neighbor says his kids were playing nearby just before the cessna came down. >> it went wing up right through the fence right there into the trees, through the tr
intervention because we didn't deal with the fiscal cliff. >> michael crapo was busted. >>> "newsweek" will continue its digital format. >> if you haven't finished up your holiday shopping, don't worry. millions of americans are hitting the stores today. >> i have nothing done. i just started. >> all that -- >> i looked at the recent footage and your face and you don't look a day older than 32 years ago. >> wide open and an attack. that's three events. >> seahawks win it. seattle is in with the playoffs. >> and all that matters. >> norad will be tracking santa class as he makes his way around the worlding. >> on centimet"cbs this "cbs t >>> welcome to "cbs this morning." i'm jeff floor. there is travel trouble across the nation and on the ground in the air on this busy day before christmas. >> and the problem is a storm system that hit the west coast over the weekend. now it's moving east, threatening to cause problems all week long and anna werner is at dallas-ft. worth international parent. good morning. >> reporter: good morning, rebecca and jeff. we receive a steady stream of tra
about my voice. this may be divine intervention because we didn't deal with the fiscal cliff. >> a senator from idaho is apologizing for his dui arrest. police stopped republican mike crapo in alexandria, virginia. >> after 80 years in print, "newsweek" magazine has its last issue on stands today. it will continue its digital format. >> if you haven't finished your holiday shopping, don't worry. millions of americans are expected to hit the store today. >> i have just started. >> i looked at the research footage and looked at your face quite a bit. you don't look a day over than you did 32 years ago. >> wide open with the catch. what a shot. seahawks win it, seattle is in the playoffs. >> and all that matters. >> norad will be tracking santa claus as he makes his way around the world delivering gifts to girls and boys tonight. >> on "cbs this morning." >> from kabul, afghanistan, happy holidays! "cbs this "cbs this morning." >>> welcome to "cbs this morning." i'm jeff glor with rebecca jarvis charlie rose. gayle king and norah o'donnell are off. >>> on the gr
to avoid the fiscal cliff by the end of the year. just about every american family will see their taxes increase on january 1 unless a deal is reached. but lawmakers are expressing very little optimism so far. meantime, the president spent christmas in hawaii, visiting a local marine base, thanking more than 100 troops and their families for their service. >>> and this morning, the taliban is claiming responsibility for a suicide bombing at a major u.s. base in eastern afghanistan. three afghans, including a guard at camp chatman were killed in today's explosion. >>> and back here at home, former major league baseball player andruw jones is free on bond this morning. he was arrested near atlanta early christmas morning on a battery charge, after police responded to a call about a domestic dispute with his wife. >>> and netflix, they are apologizing for a christmas outage in its video streaming service. yes, it happened on christmas, a little untimely. it took ten hours to resolve the problem, which affected subscribers across the country. the company says it stemmed from a failure at am
on the fiscal cliff deadline on december 31st. retiring senator joe lieberman puts the potential failure in historic perspective. >> i feel it's more likely we will go over the cliff than not, and if we allow that to happen, it will be the most colossal, consequential act of congressional irresponsibility in a long time, maybe ever in american history. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. i think he sees a political victory at the bottom of the cliff. he gets all this additional tax revenue for new programs. he gets to cut the military, which democrats have been calling for for years, and he gets to blame republicans for it. >> so, hey, merry christmas. our white house correspondent brianna keilar is traveling with the president in honolulu. brianna, are the white house and republicans even talking? >> reporter: no. they're not, carol. there's no substantive discussions going on between the white house and senate democrats and senate republicans and house republicans. and this is key because in order for the cliff
. the minority leader has appealed to the vice president directly in a last-ditch deal to avoid a fiscal cliff. kerry reid stepped back from the talks on the senate floor. and he had yet to hear back from the. -- from them. we will show you comments in a short while ago. taking your phone calls on the fiscal cliff with two days to go, the house and senate vote in a session today. the house came in at 2:00 and they gaveled out shortly thereafter. we expect them to come back to take up about 1 dozen bills. we are expecting votes at around 6:30. it is also possible that the house rules committee could be to discuss potential legislation that could be agreed upon in the house and senate. let's go to william in st. paul, minn.. caller, how are you? >> doing fine. caller: -- caller: how are you? >> doing fine. caller: these problems for them are everyday trials and whatnot. there was a man who was laid off where i work that. >> what kind of work? caller: maintenance work. it was a situation where i was telling like -- i was prepared for the fiscal cliff. i have been prepared for the last three month
. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and that would need democratic and republican support. now, all eyes on the senate because they will reconvene on the 27th, thursday. and senate majority leader harry reid, it is up to him, really, to cobble together something that can get some of that support. right now the white house is still supporting a threshold of $250,000 back to their initial starting point for tax rates going up for those making more than that. but you can imagine, hala, that's going to be very hard for some republicans, maybe even some democrats to sign on to. >> right. and for just about a week ago, it was common to hear a deal will be hammered out. over the last several days we're hearing more and more that potentially this is a reality for americans in eight days' time. your sources in the administration, is there a real concern among some of the people you're speaking with that indeed this fiscal cliff will become a reality? >> i thi >> reporter: i thi
of all. >> join "mad money"'s training camp weeknights. >> four days left to avoid the fiscal cliff. who will compromise and will a deal get done to rescue the american economy? stay with cnbc for full-time reports to see who will rise above. who will compromise and will a ♪ >> all night i've been talking to you about the new diversification, a way to diversify by strategy, not just sectors so you can thrive in any market. look, we still believe in the old kind of diversification by group, but we've also got a new prism going here. remember, you need a high-yieldner your portfolio, a big dividend-paying stock for downside protection and the massive multi-year gains that come from reinvesting the dividends, and you must reinvest. second, you need a way to profit a whole lot when the market is in good shape. sometimes it is, and still potentially keep delivering gains if things get worse which is why you must have exposure to growth, preferably a high quality secular growth stock where the earnings estimate is a powerful momentum and then a speculative stock, something that trades for le
one week left before the country goes over the fiscal cliff. your taxes will soar if congress and the president can't reach a deal. so steve is live for us in washington with the very latest. all right, good morning to you, steve. >> good morning, gretchen. yeah, the house as you know, tried and failed to pass some kind of a compromise on that fiscal cliff. now the spotlight falls on the u.s. senate. some kind of deal could have a better chance there because the senate is not as bitterly divided as the house. success depends partly on whether mitch mcconnell decides to filibuster any legislation. there is senate republicans who are willing to compromise in order to avoid the fiscal cliff. including kay bailey hutchison of texas and johnny isakson of georgia. >> time is running out. and the truth of the matter is, if we do fall off the cliff after the president's maturitied, he'll come back, propose just what he proposed yesterday in leaving washington and we'll end up adopting it. why should we put the markets mn such turmoil and the people in misunderstanding or lack of confi
to deal with the fiscal cliff issue. we need leadership. we need the president's leadership. we need leadership by republicans and democrats. we need the house and senate. and while i say i'm willing to -- to -- that i want an agreement, i would also say that i'm willing to appreciate the fact that i will not get everything that i might want in an agreement. but the consequences of our failure seem to me to be so significant that we ought to find common ground. i understand we might reach an agreement that deals with a portion of the so-called fiscal cliff and i want to point out that we're only really talking these days about the tax consequences of the fiscal cli cliff. i don't know exactly how fiscal cliff came into existence, that phrase. i don't know where those words came from. i don't know exactly what they mean. i think they probably mean different things to different people. but it seems to me that the fiscal cliff that we face is based upon sequestration, this plan that was put in place by the budget control act that would reduce spending by $1.2 trillion, both defense and
a deal to avoid the massive automatic tax hikes and spending cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending cuts instead of the massive cuts that would occur if there is no deal. it would also patch up the alternative minimum tax that will hit even more middle class families and schedule a drop off for doctors. >> if republicans do give in and support the deal being put together by harry reid that deal is expected to be far less favorable than the potential deal they had been work
this is president obama leading hawaii and now everyone is going to try to reach a deal on the fiscal cliff. >> we are taking a live look here at our mt. tam cam. you can see it shaking around. my favorite shot of the morning with relatively clear conditions. we have high clouds up above but no issues with visibility. today's forecast, expect sunshine and dry and pleasant weather. we'll have some changes and introduce some showers into the forecast which could continue into saturday morning. it looks like we'll be drive by sunday. satellite and radar shows a high pressure is in control for now. we have changes to talk about in my next report. >> speaking of walking you could probably walk across the toll plaza without being hit this morning. traffic is light and no delays coming out of the macarthur maze. east bay freeways are running much lighter than usual. we're still looking at under 25 minutes drive time from the bottle to the golden gate bridge. >> a developing story and walnut creek where there is an officer involved shooting and ended with a suspect being cleat killed. will tran is live wi
, as confidence the country will avoid the fiscal cliff diminishes. >> i don't think there's going to be a grand bargain before the end of the year. there is hope a deal will be cut. >> reporter: if congress doesn't extend expiring tax cuts in just days, middle income owners will owe uncle sam about $2,000 extra a year. retailers will cut back in automotive, apparel and entertainment. >> once people begin to pull back on that, the effect will be dramatic. >> reporter: the national retailers association said retailer its support 1 in 4 american jobs and if the downward turn intensifies. for those, the wait is excruciating. president obama visited troops in hawaii over christmas after a frustrating week on capitol hill. he and speaker john boehner about $100 billion. >> the president was $200 billion in revenues. speaker boehner $100 billion in spending cuts. >> reporter: tough decisions ahead. six days left. and lawmakers are now saying they will likely address tax reforms and spending cuts in the new year when the debt ceiling debate gets going. reporting live in washington. i'm danielle leigh.
from the hospital. >>> last chance. the nation now just hours from going over the fiscal cliff after lawmakers fail to reach a deal over the weekend. could a last-minute push from vice president joe biden get something done before your taxes go up? >>> and oh, baby. kanye wecakanye west surprises y announcing his girlfriend, kim kardashian, is pregnant with their first child. how her family is reacting to the news "today," monday, december 31st, 2012. >> announcer: from nbc news, this is "today" with matt lauer and savannah guthrie live from studio 1a in rockefeller plaza. >> welcome to "today" on a very busy monday morning. i'm willie geist. >> and i'm erica hill. matt and savannah have the morning off. >>> we'll have the latest on secretary of state clinton's condition in a live report straight ahead. it is the last day of 2012. >> you and i are both in the same situation with young children. >>> people filing into times square in new york city. it is the world's biggest party. of course, security will be extremely tight. we'll check in on celebrations there and around the world. >
in talks. at the top of that list, tax rates. if we go over the fiscal cliff, tax rates will go up 9% to 33% for most all americans. that would also mean havoc for payroll companies and the irs that would have to struggle with how to handle withholding starting on january 1st. also unemployment benefits, those actually ran out today. that's something that republicans and democrats, we understand, are talking about right now. what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot mo
the fiscal cliff, tax rates will go up 9% to 33% for most all americans. that would also mean havoc for payroll companies and the irs that would have tro stro struggh how to handle withholding starting on january 1st. also unemployment benefits, those actually ran out today. that's something that republicans and democrats, we understand, are talking about right now. what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot more planned for you this saturday night. here's what
of a deal are fading quickly. just two trading days left until the cliff. and it's not just the fiscal cliff. wind farms and dairy are set to get hit. >> the ports of the east coast and gulf coast are bracing for a potential strike. the potential for this, midnight sunday with a shutdown threatening to threaten 20% of the cargo traffic. >> and instagram feeling the sting of the flap around privacy with users, fleeing the site. how will this impact facebook? >> as we mentioned, dennis berman, "wall street journal" market place editor is joining us here on set once again for the next hour. good to have you back, dennis. lots to talk about between the cliff and other news. >> three days before the u.s. goes over the fiscal cliff, congressional leaders will meet with the president this afternoon. i remember standing on the white house north lawn last month, after leaders met with the president back then. things looked pretty promising. here's what they said after that meeting. >> i believe that the framework that i've outlined in our meeting today is consistent with the president's call for a fa
. they talked about the need to reach a deal to avert the fiscal cliff. >> i've been working people of both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy. a plan that would protect the middle class, cut spending and ask the wealthiest americans to pay a little bit more. i will keep working with anyone who is serious about getting a comprehensive plan like this done. we are now just -- all tax rates are going up. a will get a lot smaller. it would hurt middle-class families and businesses that depend on your spending. congress can prevent it from happening. leaders are working on a way to prevent this tax hike on the middle class. if an agreement is reached i will urge the senate to hold an up or down vote to protect the middle class from the income- tax hike. it could pass both houses a bipartisan majority. but they still want to vote no, that is their prerogative. they shall let everybody else vote as well. we cannot afford a politically self-inflicted wound. the housing market is healing. the unemployment rate is the lo
31 to reach a deal on the fiscal cliff, otherwise tax increases and spending cuts go into effect. negotiations between congress and the president could take friday when all four leaders of the house and senate meet with the president at the white house. a look at the countdown to the fiscal cliff, the guest will be a white house honor. home on a ship and the united states with tools author of american the nightmare how neighbor -- america undermines the negotiation nightmare. more from militia and townsman of the u. s economic research surfaced and heron radcliffe. coming up on c-span, a discussion on the history of the new york times. an examination report on the impact of student loans on parents. interviews with returning members of congress continue with senator been wilson of nebraska. >> you think of washington, 25 years before the civil war, what would you think? woody things lavery was well entrenched, black people were more in visual. white people were true and gift. that is actually not true as well. washington then had about 30,000 people of them. the majority of the b
republican kay bailey hutchison on the senate floor about the lack of a deal to avert the fiscal cliff. mrs. hutchison: mr. president, we are here just hours before a looming deadline that is going to affect just about every american in some way, and i do believe that both sides of the aisle and both sides of the rotunda want to come to a conclusion that will keep us from having what looks like a complete meltdown of governing in washington. someone asked the question in one of our conferences when was the last time that congress was in session and voting between christmas and new year's, and the answer was since 1970, there ha not been such a session, and it has actually only happened four times in the history of our country, and two of those times were dealing with world war ii. so i think the enormity of the issue is very clear, and that's why we are here. i think we should have done this six months ago, a year ago. i think all of us agree that we shouldn't be here at this last hour still trying to negotiate a point at which so many americans are going to be me heavily taxed. i was pleas
as negotiations continue over the so-called fiscal cliff. debate on a deal is possible. james taylor performed and spoke of the national press club earlier this month. he talked about president obama's reelection, the war in iraq, and the fiscal cliff. this is one hour and 10 minutes. for more information about the national press club, a visit our web site, www.press.org. to donate to the program through our national institutes, please visit press.org/institute. on behalf of our members, i would like to welcome our speaker and those of you attending today. our table includes guest of our speaker and working journalists who are members of the press club. if you hear applause, we would note that members of the general public are attending. it is not necessarily a lack of journalistic conductivity. i would also like to welcome our c-span and public radio audiences. our lunches are also featured on our weekly podcaster on the national press club. you can also follow on twitter using #npclunch. i will ask as many questions as time permits. now i would like to introduce our guest and i would ask of
in federal hill, linda so, abc2 news. >>> for almost two months the threat of a fiscal cliff has been a topic of discussion even as no compromise appears to be in the cards. if our elected leaders fail to come through with a deal will it impact you and if so how. charley is live at the live desk and it could be a bigger deal than we realize. >> this could be a big deal indeed. for weeks now we have brought you back and forth here's only thing you need to know this morning. the gop is refusing to raise tacks on anyone and democrats don't want to cut funding to government programs. caught in the cross fire of this is all of us. you, me and come tuesday, all of our taxes will go up and here's how it could affect you. if you are living paycheck to paycheck with no room to cut expenses you could be in real trouble if this agreement is not reached. a failure to renew the bush era tax cuts could mean 2 to 4,000 dollars per year in increases for most americans. according to the towson university it breaks down like this. if you make 25,000 dollars a year, your taxes are going up about 42 dollars a mo
-minute deal to avoid the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor after the house comes back on sunday. and then we would
on the fiscal cliff. that's spoiling the rally so far. it could be worse. we have seen much bigger negative reaction to all these congressional shenanigans in the past. could be a sign the economy is in better shape this time around. you just look at the s&p 500, victor, still on track for a 13% gain for the year. that's as we look at all the red on the screen. victor? >> a lot of red there is. red and green. wish we had more green. alison kosik, thank you. >>> if you weren't able to watch your favorite christmas classic on netflix, we know why. the video streaming service is blaming a massive outage at one of amazon's web service centers. they say it happened on christmas eve. now, netflix has millions of subscribers in the u.s., canada, latin america, most folks have service up and running again by christmas day, though. if they missed it going into christmas, they can watch it in the evening. one netflix official says they're looking at how to prevent something like this from happening again. >>> russia is trying to put the brakes on americans adopting russian children. and today that ba
from going over the so-called fiscal cliff. they say if president obama and congress don't make a deal we will almost certainly see a recession. do you buy that, steven? >> the congressional budget office is a nonpartisan group that does this and says we will in fact have an immediate rescission. they say that we come out of a short, sharp recession stronger than we would be if we didn't go into that recession in the first place. we stop borrowing money from the future to prop us up now. we have the immediate problems but in the long term we are in gets shape. that's what they are grappling this. how do they best structure this to do the least amount of damage now but get us to the good economy in the future. >> reporter: if you look up a research paper from the president's own economist you'll find in the long run we are healthier, short run, yeah, it's painful. is that what motivates some of the republicans that, you know, what are called chuckle heads, but maybe in the end they are wisdom heads. >> that is certainly part of the motivation there. the other part of the motivation, and
be going off the fiscal cliff. he and others have said all along that there would be this fighting but right up to the deadline. they have finally come up with some sort of a deal. lieberman and others on the hill saying they think we may in fact go off the cliff. rattle the markets as you suggested, jamie. lieberman also believes the senate will be in session on new year's eve. going right up against the end of the year deadline to try to work this out, jamie. >> jamie: if any news breaks i know you will bring it to us. live from honolulu. washington is not the only one thinking about the fiscal cliff. it turns out that the concerns about it or affecting how much people are spending this holiday season. analysts saying overall sales are down from last year. it's not just the economy though. they say people just don't feel like spending as much. many still feeling the wake of super storm sandy. also those recent shootings in colorado and connecticut. because of the low sales predictions. retailers are banking on last-minute shoppers to boost their bottom lines but experts say they
. >> leaders on capitol hill said they are close to reaching a deal on the fiscal cliff but have failed to bring a measure to a vote. the houses by tomorrow at noon. vice-president joe biden was meeting with democrats tonight. we will hear from president we will hear from president obama about
and republicans are wrangling over last minute legislation to avert the so called fiscal cliff, you know, the one two punch of tax increases and budget cults that will go into effect january 1. there's no sign of a deal so far. here's pridy arla. >> reporter: the clock is ticking, negotiations are ongoing, but at this point, democrats and republicans remain at odds. >> regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do not go up that would hurt our economy badly. we can get that done. >> reporter: president obama called for immediate action, but there was no vote in the senate tonight. >> we're going to come in at 11:00 a.m. tomorrow morning and we'll have further announcement perhaps, and we'll have a talk in the morning, i certainly hope so. >> reporter: minority leader mitch mcconnell called vice president biden in for help. he is now said to be playing a direct role. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage to close the
. >>> lawmakers are taking us right up to the edge of the fiscal cliff. just two more days to go before tacks go up for all americans. will the president's pressure on congress in the last 24 hours bring a deal? john carl has some answers. reporter: with just three days left, finally a imlimmer of hope. >> i'm hopeful and optimistic. >> it's going to be imperfect and people aren't going to like it. >> right now it's in the hands of the two senate leaders pgz democrat harry reid and republican mitch mcconnell. they're working on a minideal that would preinvestigate a tax increase for roughly 98 of american workers, and extend unemployment benefits set to expire for two million people, and cut payments in medicare doctors. >> the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. >> the 11th hour evident comes after the president met with the congressional leadership at the white house. his first such meeting in six weeks. even if mcconnell and reid come to agreement, there's no guarantee it will pass before the end of the year.
? >> the fiscal cliff puts it in jeopardy. many are afraid to invest in their business and hire new workers. make plans. >> no longer vetting a deal is done by new year's eve f. one comes by early january definitely a possibility. the economic impact should be minim minimal. if one comes later than that the damage to the economy is already done and you will see more talk of recession and analysts started cutting the earnings growth in the fourth quarter. >> one thing they don't like is uncertainty. apple released a new product and there will be another new product. >> now that you got them under the christmas tree. a man who has been right predicting apple products before a 5th generation ipad will look like the mini but some what thinner narrower and shorter than a regular ipad so not as small. apple is working on another generation of the ipad mini. it could be two new products. >> we could have just wasted our money at christmastime. >> sales were down from what was expected. >> yeah, the holiday shopping season a disappointment. the first tally on the sales is now in. spending polls said down
to head back to washington and jump-start the fiscal cliff negotiations with congress. talks fell apart before christmas. the deadline now is just days away and there is no deal in sight to avoid the tax hikes and spending cuts set to go into effect january 1st. our juan williams is a fox news political analyst and he joins us today and very quickly, juan, merry christmas to you. >> merry christmas, kelly. kelly: this is daunting task facing congress to avert the so-called fiscal cliff that will set into motion more than $600 billion in drastic and draconian allic tax hikes and spending cuts. that will cause a lot of pain for all americans and does congress have enough time to act on this? >> they do. you know it will be very close and it may in fact go beyond the deadline per se although people are thinking at the moment it is possible to get something done by the end of this week. the key here, kelly, is the senate. we have been so focused on the house, speaker boehner, plan. about, plan b falling apart. now speaker boehner is pointing towards the senate and the white house is pointin
negotiations and john boehner and senate leader are working on a deal this morning to avoid the fiscal cliff, or as chris hayes and i call it, the fiscal curve. the deadline is soft. it's not like every american is going to be handed a bill on january 1st and there's way to manage the damage if the country goes over. the senate is set to convene this afternoon with the house to follow tonight. there's a chance that a compromise will be reached, less than 48 hours before tax rates revert to their clinton dasher are levels and board across the board spending cuts talk effect. when the president took to the podium friday afternoon to urge the law enforcements to get their act together with he didn't exactly project confidence. >> this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable. why everything always has to wait until the last minute. we're now at the last minute. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> this may be why the pr
. the decreasing chance we may fall off the fiscal cliff has americans worried. 3 in 5 said that's the reason they are spending less. in another survey 1 in 4 shoppers say higher taxes mean smaller holiday budgets. a ho hum christmas may mean tough times for the economy but ef with one more shopping day until christmas. the retail industry and the economy may depend on whether record traffic transforms into real spending. back to you. >> how about this for a jobs program. law enforcement positions now going to ordinary citizens not those sworn in, just ordinary citizens. we will tell you where it is happening and how it's working out. [ male announcer ] wouldn't it be cool if we took the already great sentra apart and completely reimagined it with best-in-class combined mpg, and more interior room than corolla and civic? and a technology suite with bluetooth, navigation and other handy stuff? yeahthat would be cool. introducing the all-new nissan sentra. it's our most innovative sentra ever. nissan. innovation that excites. now get a $169-per-month lease on a 2013 nissan sentra. ♪ >> in ind
work done? tell us a little bit about the fiscal cliff here. we know the senate is going to come back on thursday. do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll be waiting to see exactly when president obama is coming back but we understand that the senate even though it reconvenes on thursday may not, senate democrats may not roll out a bill until closer to the new year. also get some republican support and put pressure on the house to take it up. >> we'll be following that very closely. have a wonderful christmas and of course we'll talk with you a little bit later. if there are any developments on the fiscal cliff. stay with cnn for any moveme
possibility, hearing from democrats and republicans, we could go over this fiscal cliff, alina. >> brianna, you talk about cobbling together a last-minute deal. the president admits there will be no grand bargain at this point. if there is something sort of cobbled together at the last minute, are you getting an indication the president would come back from hawaii early? >> reporter: i think that's the expectation. officially, he's supposed to be here through the new year, but folks at the white house are pretty honest about the fact that he likely will be returning to washington around the time the senate reconvenes. it's really just a matter of when. if something needs to get through the senate, it would require unanimous or near unanimous democratic support, and that would require some cajoling, to say the least, from president obama. >> a couple of days of surf and sand is still good, i'm sure you would agree. brianna keilar, thanks so much. dana? >> alina, the fiscal cliff is obviously a very serious issue, but it's bringing out the poetic side of "usa today," at least their editorial
old. kelly: we are now just seven days away from going over that so-called fiscal cliff and when automatic tax hikes and spending cuts kick in. there are several different ways this drama could play out on capitol hill to the white house. from no deal at all to a big agreement just in time, just in the nick of time i should say but those are not the only scenarios out there. brad blakeman, former deputy assistant to president george w. bush. stephanie max he willwell, democratic strategist and columnist. they join us to shed light on this. what are we going to do about the fiscal cliff when it is looming so -- if they do something about it and get back to congress this week as they're supposed to do. do they have enough time to get it done? >> i don't know if they have enough time to get it done, if republicans in the house are not willing to make any substantive concessions. and that means that they need to listen to what american voters said in november and raise the tax rates on the top 2%. that is what everybody voted for and that's what we want. and so i think that republica
issues about the fiscal cliff, the question of the budget, and taxes and as i mentioned, senior citizens being able to see a doctor, those are crucial issues, but this legislation, the fisa amendments act, is also a crucial piece of legislation, and that is why senators will be offering amendments in order to strike the best possible balance between security and liberty. now, when the foreign intelligence surveillance act, often known, mr. president, as fisa, senators and those listening will hear that discussion almost interchangeably, the abbreviated name is fisa. and when it was written in 1978, congress applied justice brandeis' principles to intelligence gathering. the congress said when they wrote the original fisa legislation in 1978, they really said that justice brandeis, you know, got it right with respect to how you ought to gather intelligence. so the original fisa statute stated that if the government wants to collect an american's communications for intelligence purposes, the government must go to a court, show evidence that the american is a terrorist or a spy, and get an
is standing by to consider any agreement regarding that looming fiscal cliff. members have been promised 48 hours to review any deal before it goes to the floor for debate. let's take you live to the floor of the house. we see them just about to walk in the door. a quick reminder, we are expecting remarks from steny hoyer in about 20 minutes. we plan to bring you those lives. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.] the speaker pro tempore: the house will be in order. the chair lays before the house a communication from the speaker. the clerk: the speaker's room, washington, d.c.,, december 27, 2012, i appoint steven latourette to act as speaker pro tempore on this day, signed john amplete boehner. speaker of the house of representatives. the speaker pro tempore: the prayer will be offered by our chaplain, father conroy. chaplain conroy
. when we talk about the skwauld fiscal cliff, we talk about tril yons of dollars here. what does it mean for your pay economic and personal finances. here's some consequences if there's no deal. one of the first places you might feel it is in your paychex. the payroll tax holiday expires. that means $83 less per month if you make $50,000 a year. the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary ca
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